The use of data and its importance has increased manifold in recent times. From taking financial decisions to framing strategies for people and culture, data is being captured for every function and aspect of the business. 

This increased relevance of data has also led to an increase in the demand for data professionals and scientists across industries. Companies are even ready to pay a higher price for the talent in this field, leading to a continued rise in salary over the past two years. 

As per a recent survey conducted by data science recruitment firm Big Cloud, Singaporean data professionals are getting paid around S$83,000 (US$61,000) per year, representing an increase of about 5 percent since 2017. For the Chief Data Scientists in the country, the pay could get as high as roughly S$170,000 (US$125,000).

Big Cloud: Data Science Salary Report APAC 2019

Besides Singapore, other countries like Hong Kong, China, Malaysia, Thailand, and Japan have also witnessed pay hikes over the years. In Malaysia, the highest growth in salaries for chief level data experts was recorded with up to 50 percent jump from 2017 to average about 262,000 ringgit (US$64,000).

Big Cloud: Data Science Salary Report APAC 2019

Companies in APAC are increasingly investing in data analytics, hence making the role of data scientists more critical. With big data solutions likely to reach $27 Bn mark by 2022, this upward trend in salaries for talent in this space is not surprising. 

But, while on one hand there is a high demand for data professionals, on the other hand, such talent is scarce. Probably that’s also another reason for the continuously increasing hikes in pay. Attracting and retaining talent with higher compensation is a solution that has been currently working for companies, but the solution is not sustainable. To solve the problem of scarcity of data professionals, companies should start investing in building these capabilities as well. One way is to identify the current solution that is capable and willing to learn the skill and then give them the right resources to learn. Skilling is a way that companies can bridge the gap between talent demand and supply of data professionals.